If the SMSF is newly established or has missed previous years lodgements, the SMSF annual return for 2020-21 was due by 31 October. If the SMSF is newly established but is lodging through a tax agent, then the SAR is not due yet.

“If your SMSFs SAR is more than two weeks overdue and you have not contacted us, we will change the status of your SMSF on super fund lookup to ‘regulation details removed’. This status will remain until your overdue lodgements are brought up to date,” the ATO warned.

“With a status of ‘regulation details removed’, APRA funds will not be able to roll over member benefits, and employers will not be able to make super guarantee payments for the fund’s members.

“You’ll also have to pay the supervisory levy. If you’re a first-time lodger, it will be $518, which will cover the 2020-21 and 2021-22 financial years.”

The ATO reminded that funds might also have to lodge a transfer balance account report with the SMSFs SAR if all the members of your SMSF have a total superannuation balance of less than $1 million.

“If you’ve not lodged yet and you’re having difficulty preparing your return, contact us or talk to your registered tax agent about your options,” the ATO said. 

“If you need help, we encourage you, your tax agent or super professional to use the SMSF early engagement and voluntary disclosure service. We can work with you to get your affairs in order.” 

This comes as the ATO had recently raised concerns with the 2020 lodgement rate and will be paying close attention and following up on those that fail to lodge their first return.